ADAUSD Slow Consolidation in Flagging Pattern
Important things to note:
BTC tested the waters of 50K.
ADA stuck in consolidation due to the slow weekend.
BTC could likely head to 57k next.
Price target from both bull flags produce almost the same exact target.
Tomorrow is a holiday in US but there will likely still be some more volume than a weekend.
ADA could fall to support if BTC pulls back but I believe this will likely be short lived.
Expect further consolidation and a grind upward.
Important dates:
BTC ETF Deadlines Nov. 21, Dec. 8, Dec. 11 and Dec. 24.
Hey everyone! I hope you had a great weekend! I know you probably weren't looking at chart because frankly, nothing has been going on. I have heard from people I trust that BTC investors were looking to pullback this weekend however all we saw was a small test of 50k. Unless I see something soon, I will assume a march to 57k is going to continue. ADA has been stuck in consolidation due to the low weekend volume, but interestingly the targets for both bull flags are relatively the same (apart by a couple cents). However, if BTC retreats for a small pullback you should expect the price of ADA to fall to support. I do not believe it can go to far it if wants to create bullish patterns for future targets. I have mentioned this a little in my updates. Basically, most alts are starting to form the handle on their cup and handle patterns, and ADA is still forming its cup. I believe the upward side of the cup will be formed at the same time as the handle on other alts. This is why I believe a strong pullback is less likely. Anyways, consider the targets of the bull flags to be valid unless the patterns break. Bull flags are very reliable and often hit their targets so I am not too worried. There has not been much going on so I didn't post for a day or two. A lot of you have mentioned that you are not getting my notifications. I can only suspect this is due to TV doing something. I do not want to assume it is nefarious, but I have seen a lot in the 2 months I have been posting publicly and it wouldn't surprise me it is was. However, I am not bothered and you know where to find me so if you do not hear from me, come check my page if you need to. That being said, I will continue to watch ADA and update you on the movements! Thanks again!
I am going to make a video soon teaching everyone my approach to charting. I will cover the entire workflow process I go through. I hope you enjoy it.
Tell me what you think?
This is not financial advice. DYODD.
BTC tested the waters of 50K.
ADA stuck in consolidation due to the slow weekend.
BTC could likely head to 57k next.
Price target from both bull flags produce almost the same exact target.
Tomorrow is a holiday in US but there will likely still be some more volume than a weekend.
ADA could fall to support if BTC pulls back but I believe this will likely be short lived.
Expect further consolidation and a grind upward.
Important dates:
BTC ETF Deadlines Nov. 21, Dec. 8, Dec. 11 and Dec. 24.
Hey everyone! I hope you had a great weekend! I know you probably weren't looking at chart because frankly, nothing has been going on. I have heard from people I trust that BTC investors were looking to pullback this weekend however all we saw was a small test of 50k. Unless I see something soon, I will assume a march to 57k is going to continue. ADA has been stuck in consolidation due to the low weekend volume, but interestingly the targets for both bull flags are relatively the same (apart by a couple cents). However, if BTC retreats for a small pullback you should expect the price of ADA to fall to support. I do not believe it can go to far it if wants to create bullish patterns for future targets. I have mentioned this a little in my updates. Basically, most alts are starting to form the handle on their cup and handle patterns, and ADA is still forming its cup. I believe the upward side of the cup will be formed at the same time as the handle on other alts. This is why I believe a strong pullback is less likely. Anyways, consider the targets of the bull flags to be valid unless the patterns break. Bull flags are very reliable and often hit their targets so I am not too worried. There has not been much going on so I didn't post for a day or two. A lot of you have mentioned that you are not getting my notifications. I can only suspect this is due to TV doing something. I do not want to assume it is nefarious, but I have seen a lot in the 2 months I have been posting publicly and it wouldn't surprise me it is was. However, I am not bothered and you know where to find me so if you do not hear from me, come check my page if you need to. That being said, I will continue to watch ADA and update you on the movements! Thanks again!
I am going to make a video soon teaching everyone my approach to charting. I will cover the entire workflow process I go through. I hope you enjoy it.
Tell me what you think?
This is not financial advice. DYODD.
Comment:
So I have been looking at the altpairs right now, they were holding up as of last week. Even looking rather bullish. However, they do not look great today. I see a lot of patterns breaking even without BTC pulling back. A couple of examples include the looming overhead supply in the case of ETH and the broken handle of SOL. ADA, believe it or not, is actually looking better than both of those examples. Party because it was still forming its pattern, so a fall to 2.0 or 2.15 would do very little in terms of breaking the bullish pattern. In fact, ADA is still holding its consolidation pattern with BTC. Kind of crazy considering. However, maybe it is not surprising since ADA is mostly retail backed, and over 70% is staked. This is something I mentioned previously as to why it can hold its own when times get tough. Everything from my chart stands. I still believe we will see alts push sooner than most people believe.
Comment:
I can see the squeeze going on with ADA (for a few days at least). I know it is likely to be upward. The patterns say so, and there are plenty of indicators that also agree with this. However, it can also break south given the right conditions (BTC). I do not believe BTC will be slowing down anytime soon. I am always cautious of a pullback (as you should be), but a bullish BTC can bend the rules a bit. I have mentioned that in the past. You should never bet against an extremely bullish BTC run. That's for sure.
Comment:
Ok everyone I am going to bed. Mark your alerts on the trendlines, and at supports. Goodnight!
Comment:
Pattern has broken. Watch the support levels. The lowest level would be the diagonal support.
